Wells Fargo is exiting the wealth management business outside the U.S. in a move designed primarily to simplify and focus on its core domestic business.
“Wells Fargo is focused on meeting our regulatory requirements, managing risk, and simplifying operations across the company,” Wells Fargo spokeswoman Shea Leordeanu told ThinkAdvisor on Thursday.
“For Wells Fargo Advisors, Wells Fargo Private Bank, and Abbot Downing, we are also committed to focusing on our core business, which is serving clients who primarily reside in the United States,” she said. Therefore, the wirehouse decided to exit the international segment of its business, she noted.
The international business segment represents just a small percentage of the firm’s accounts and assets under management across Wealth & Investment Management.